What you need to know this week (July 11) in fitness tech:
1. How much are the leading clubs spending on new equipment?
Top performing health clubs spent an average of $90,000 on new equipment in 2015 reported the newly released IHRSA Health Club Equipment Report. Based on data from over 400 clubs, the report found that leading clubs saw an average annual revenue growth of 10.2%. The studies found that the average club spent $84,000 and achieved a 3.8% annual revenue growth.
While the study does not assert that leading clubs earned more revenue because they spent more money on new equipment, the figures are an interesting metric to measure your club’s yearly spending and revenue growth against.
2. Which fitness company was ranked the #1 Global Franchise by Entrepreneur?
Anytime Fitness was ranked #1 on Entrepreneur Magazine’s annual Top Global Franchise List. The list isn’t limited to just fitness franchises. Entrepreneur found that Anytime’s size, international growth rate and financial strength made it the top business franchise in the world, beating out competitors such as 7-Eleven, Wingstop and McDonald’s. Anytime Fitness has 2.7 million members, over 3,000 gyms worldwide and have opened more than 300 new gyms per year for the last nine years. They operate around the world, having recently opened clubs in China and Italy, with plans to expand to Panama, Saudi Arabia and more. Other high-ranking fitness companies are Snap Fitness (#11), GNC (#20) and Gold’s Gym (#44).
3. Samsung releases Gear Fit2 to compete with Fitbit and Microsoft
Samsung released their new fitness tracker, the Samsung Gear Fit2. The Fit2 is an attempt to combine smartwatch and fitness tracker technologies. On top of tracking your workouts, the Fit2 has new GPS sensors for more accurate data collection, built-in music storage, heart rate monitoring and the ability to respond to messages. The Gear Fit2’s $180 price point hopes to offer a cheaper alternative to other high-end trackers such as the Microsoft Band 2 or the Fitbit Surge, which both retail at $250.
4. New small group training equipment innovations
Small group training programs, such as Crossfit, are one of the hottest things in fitness right now. The programs help build a community through friendly competition, and clubs that have small group training are seeing an increase in sales, participation and retention. Some companies are now selling functional fitness frames. These frames resemble jungle gyms, with different exercise stations built in so that the entire group can exercise all at once. The Octagon by Escape Fitness or Synergy 360 by Life Fitness are two examples of state-of-the-art frame designs.
Is your digital strategy ahead of the competition? Here are 10 need to know Fitness Industry Tech Trends in 2016: